Anglo American hosted a presentation for investors and analysts, providing a detailed update on its operational turnaround and the next phase of transformation to position the business to outperform, by realising its full potential and delivering enhanced and sustainable returns to shareholders.

1. STABILITY, CAPABILITY, POTENTIAL
Investor presentation, 9 December 2014
Los Bronces
Minas-Rio
De Beers

2. 2
CAUTIONARY STATEMENT
Disclaimer: This presentation has been prepared by Anglo American plc (“Anglo American”) and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions.
This presentation is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy shares in Anglo American. Further, it does not constitute a recommendation by Anglo American or any other party to sell or buy shares in Anglo American or any other securities. All written or oral forward-looking statements attributable to Anglo American or persons acting on their behalf are qualified in their entirety by these cautionary statements.
Forward-Looking Statements
This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Anglo American’s financial position, business and acquisition strategy, plans and objectives of management for future operations (including development plans and objectives relating to Anglo American’s products, production forecasts and reserve and resource positions), are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American’s present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates and other operational capabilities, the availability of mining and processing equipment, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American’s most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers (the “Takeover Code”), the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SWX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Nothing in this presentation should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share.
Certain statistical and other information about Anglo American included in this presentation is sourced from publicly available third party sources. As such it presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American.
No Investment Advice
This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this presentation in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002.).

3. 3
AGENDA
Progress to date
Mark Cutifani
1.30pm
20 mins
Capital management
René Médori
1.50pm
10 mins
Technical leverage
Tony O’Neill
2.00pm
20 mins
Business Unit updates
Platinum
Base Metals
Iron Ore Brazil
Chris Griffith
Duncan Wanblad
Paulo Castellari
2.20pm
30 mins
Break
2.50pm
20 mins
Business Unit updates
Coal
Kumba Iron ore
Seamus French
Norman Mbazima
3.10pm
20 mins
Marketing
Peter Whitcutt
3.30pm
10 mins
Positioning the future
Mark Cutifani
3.40pm
20 mins
Q&A
4.00pm

4. 4
ORGANISATION
The Leadership Team…
…a diverse group with the requisite capability and experience.
Executive Director RSA
Khanyisile Kweyama
Human Resources & Corporate Affairs
Phil Mitchell
Technical and Sustainability
Tony
O’Neill
Strategy, Business Development & Commercial
Peter
Whitcutt
Finance
René
Médori
Kumba Iron Ore
Norman
Mbazima
Iron Ore
Brazil
Paulo
Castellari
Coal
Seamus
French
Base Metals and Minerals
Duncan
Wanblad
Platinum
Chris
Griffith
De Beers
Philippe
Mellier
Mark
Cutifani
Chief Executive
Presenting today

5. 5
KEY THEMES
Our approach to building performance is simple…and continuous…
…establish stability…build a foundation for capability…realise potential.
Value
Time
STABILITY
CAPABILITY
Realise Potential
Operations
Markets
People
Brownfield options
Debottleneck
Operating Model
Resource potential
Priority capital options
“FutureSmart” innovation
2013
2016
Build Capability
Establish Stability

6. 6
Delivery on Commitments
–Performance update
–Progress on EBIT & ROCE targets
Progress on Improvements
–Operating performance
–Technical and marketing developments
–Business Unit progress
Capital Management
–Capex and net debt
–Capital Allocation Model
The Future State
–Portfolio and capital deployment
–Productivity and competitive positioning
Wrap
–Production guidance and commitments for 2015
–Anglo American: our investment proposition
WHAT ARE YOU GOING TO HEAR?
We will update you on our progress to date…
…and tell you where we are going post-2016.
Los Bronces

7. PROGRESS TO DATE MARK CUTIFANI

8. 8
 Global Economy
–China infrastructure growth slows
–US resurgence built off lower energy costs
–Europe and others struggle to reset
 Commodities and Prices
–Oil and bulks under supply pressure
–Base and precious metals share solid fundamentals
–Diamonds sparkle
Competitive Landscape
–Iron ore – majors continue to expand production
–Coal – high cost supply “hangs in” on back of local dynamics
–Other metals – supply still struggling on many fronts
AFTER 12 MONTHS
Global economic uncertainty has increased…
... prices under pressure across bulks…and we are adapting.

9. 9
SUPPLY DOMINATES PRICES
Supply of iron ore and coal from majors dominates bulk prices…
…while our portfolio breadth dampens “basket price” impact.
Notes: (1) Commodities covering more than 90% of revenue flexed for peers, (2) Price line is equivalent to weighted average daily revenue to Q3 YTD 2014 sales volumes
0.6
0.7
0.8
0.9
1.0
1.1
01 Jan 14 01 Feb 14 01 Mar 14 01 Apr 14 01 May 14 01 Jun 14 01 Jul 14 01 Aug 14 01 Sep 14 01 Oct 14 01 Nov 14 01 Dec 14
Indexed commodity price (1 Jan 2014 = 1)
28 Nov
2014
variance
~(31)%
~(26)%
~(22)%
(8)%
Peer 1 ~(11)%
Peer 2
Peer 3
Peer 4

10. 10
DELIVERING ON COMMITMENTS
We have delivered on our immediate restructuring milestones…
…and we have stabilised operating performance across the business.
 Minas-Rio
>FOOS delivered ahead of revised budget
>Final capex $400m lower than expected
 Sishen hit 35Mt production target
 Platinum restructure
>Divestment process underway
 Copper turnaround
>Los Bronces & Collahuasi operational stability and improvement
 De Beers integration complete
 Nickel recovery on track
Minas-Rio

11. 11
Fatal incidents
Reflects focus on high risk activities, standards and controls.
Platinum strike had a ~15% impact.
Improved reporting of “High Potential Incidents” reflects proactive approach to risk management.
OPERATIONAL PERFORMANCE – SAFETY
Our safety improvement has been significant…
…and reflects our focus on getting the basics right.
Note: (1) LTIFR = Lost Time Injury Frequency Rate, (2) FIFR = Fatal Incident Frequency Rate
Loss of life
Lost time injuries
Lost time injuries
Reflects impact of leadership and constant focus on safety behaviours.
Leadership behaviours reinforce commitment to safe outcomes.
Implementation of operating model will focus on improved planning of work.
20
15
17
13
15
5
0.010
0.008
0.009
0.007
0.008
0.003
0.000
0.002
0.004
0.006
0.008
0.010
0
5
10
15
20
2009
2010
2011
2012
2013
2014 YTD
(end Nov)
FIFR
1490
1198
1190
1043
918
548
0.76
0.64
0.64
0.58
0.49
0.34
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0
300
600
900
1200
1500
2009
2010
2011
2012
2013
2014 YTD
(end Nov)

12. 12
OPERATIONAL PERFORMANCE – ENVIRONMENT
Our environmental controls performance is improving…
…as it reflects operations improving stability and process control.
(1) The 2013 high incidence rate reflects weather-related events (flooding) in Australia.
Environment incidents
Measuring what we need to improve has
become part of our culture.
Our focus on improving control of our
operations is helping us manage all industrial
and process risks.
Audits reflecting higher risk areas are being
systematically dealt with through reconstruction
of civil or other engineered structures.
The implementation of our operating model will
further support improvements in process
stability and associated environment controls.
Environmental incidences (potential reputational impact)
26
21
30
14
0
5
10
15
20
25
30
2013 2014 YTD
(end Oct)
2011 2012
Average
(1)

13. 13
OPERATING PERFORMANCE – PRODUCTION
Performance improvements across every commodity…
…as we work on stability and improving the consistency of operations.
(1) Kumba includes Sishen and Kolomela only ), (2) Includes RSA trade and Cerrejón, (3) Only including mines unaffected by the strike. Including strike affected mines: Q3 2014 vs prior
year: (31)%, (4) Production on 100% basis and adjusted for Platinum strikes (+532koz)
+6%
+2%
+4%
+8%
+10%
+15% +15%
+26%
Group
(Cu equ.) (1)
Nickel Iron Ore (1) De Beers Export Platinum (3)
Thermal Coal
(SA/Colombia)
(2)
Export Copper
Met Coal
(Australia/Canada)
9 months 2014 versus 9 months 2013 (% change)

14. 14
OPERATING PERFORMANCE – VERSUS BUDGETS
We have improved our delivery on plans (despite platinum strike)…
…with ten “Priority 1” assets driving broader outperformance.
Below budget Below budget
but improving
Above budget
65%
17% 18%
Other
Priority 1 Asset
Priority assets achieving
budget
2014: Three Quarters to Q3 2014
• Collahuasi
• Jwaneng
• Orapa
• Sishen
• Kolomela
• Capcoal
• Los Bronces
• BRPM
• Mogalakwena
• DB Marine
48% 46%
Below budget
but improving
Below budget Above budget
6%
2012: Three Quarters to Q3 2012
Note: Budget assessment based on compliance with production and cost budget for 52 integrated operations.
• Venetia
• Moranbah
• Cerrejon

15. 15
OPERATING PERFORMANCE – COSTS
We have made significant inroads on costs…
…and we have benefited from the stronger USD.
Notes: (1) Cost: Equity tonnes only. Total excluding equity JVs and Barro Alto and adjusted for Platinum strike, (2) C0 c/lb cash cost, (3) Adjusting ounces and costs of the affected mines to exclude the strike impact
for total Anglo American Platinum, (4) Total cost per carat recovered calculated using 50% (vs 19.2%) of Debswana volumes in order to weight Debswana’s contribution consistently with other mines, (5) Kumba
includes Sishen and Kolomela only, unit cost on FOB cash basis, (6) FOB/t cash cost Aus coal excludes Callide, royalty costs and study costs; RSA unit cost comprises SA Trade only
Export Met Coal
(Australia)(6)
(11)%
Export Thermal
Coal (SA)(6)
(4)%
Iron Ore (5)
(6)%
De Beers (4)
(4)%
Copper(2)
(1)%
Group
(Cu equ.)(1)
(7)%
(4)%
Platinum
normalised
for strike (3)
9 months YTD 2014 versus 9 months 2013 (% change)
USD

16. 16
OPERATING PERFORMANCE – COSTS
However, stripping out the impact of weaker currencies…
…it is clear we have a lot more work to do in South Africa.
(1) Cost: Equity tonnes only. Total excluding equity JVs and Barro Alto and adjusted for Platinum strike, (2) FOB/t cash cost in local currency – Australia coal excludes Callide, royalty costs and study costs; South Africa
unit cost comprises South Africa trade only, (3) Total cost per carat recovered calculated using 50% (vs 19.2%) of Debswana volumes in order to weight Debswana’s contribution consistently with other mines, (4)
Copper shown in USD as is its functional currency. De Beers in USD due to geographic diversity of operations, (5) C0 c/lb cash cost, (6) Kumba includes Sishen and Kolomela only, unit cost on FOB cash basis, (7)
Adjusting ounces and costs of the affected mines to exclude the strike impact for total Anglo American Platinum,
Platinum
normalised
for strike(7)
8%
Export
Thermal
Coal (SA)(2)
7%
Copper(5) (4) Iron Ore(6)
(1)%
De Beers (3) (4)
(4)%
Export Met
Coal
(Australia)(2)
(6)%
Group
(Cu equ.)(1)
1%
9 months YTD 2014 versus 9 months 2013 (% change)
Local currency
SA mining
inflation
6%

17. 17
LEADERSHIP AND DELIVERY
We have made significant leadership changes…
…with only 56 (37%) of the original 151 still in the same role.
1
16
134
151
1
11
88
100
CEO
Executive
(31%)
Business Leaders
(34%)
Total
(34%)
2012
2014
Leadership restructuring

18. 18
DRIVING VALUE – UPPING BENEFITS IDENTIFIED TO $4BN
We are rebuilding our portfolio and our performance engine…
…and we believe a focus on ROCE drives the right business behaviours.
Attributable EBIT $bn @ 30 June 2013 prices and FX
0.9
1.0
1.1
0.4
0.6
1.5
Asset Reviews
1.6
2012 Projects
$3.3bn
Value Leakage
$7.3bn
Disposals and
capex reductions
2016
Attributable
capital
employed
$35bn +15(1) (4) $45bn $42bn
Attributable
ROCE
9% +6% +1% 16% 12%
(1) 2012 to 2016 increase in capital employed mainly as a result of project capex, with SIB capex offset by depreciation
Identified potential
Embedded
$4bn of
attributable
EBIT identified

19. 19
DRIVING VALUE – UPPING BENEFITS IDENTIFIED TO $4BN
We are rebuilding our portfolio and our performance engine…
…although forecast prices may reduce the impact of our improvements.
Attributable EBIT $bn @ 30 June 2013 prices and FX
0.9
1.0
1.1
0.4
0.6
2016 at consensus
price/FX
$5.2bn
2016
$7.3bn
Disposals and
capex reductions
Value Leakage
1.5
2012 Projects Asset Reviews
$3.3bn
1.6
Attributable
capital
employed
$35bn +15(1) (4) $45bn $42bn
Attributable
ROCE
9% +6% +1% 16% 12%
(1) 2012 to 2016 increase in capital employed mainly as a result of project capex, with SIB capex offset by depreciation
Identified potential
Embedded
$4bn of
attributable
EBIT identified

20. 20
A STEP CHANGE IN SUSTAINABILITY PERFORMANCE
Our ambition is spread across three time horizons…
We aim to…
…reset global conversations.
2016
2030+
2030
Do No Harm
Provide safe and healthy workplaces
Respect the rights of local stakeholders
Honour our licensing commitments
Net positive impact…
Change in mining approach to achieve community support
Shared Purpose
Employees are moved to realise our vision
Relationships with business and social partners
Delivering on all of our commitments
Flourishing Ecosystems…
Competitive companies, communities and countries
all win together
Clean, effective and efficient mines.
From “extractive industry” to development partner
Support employee wellbeing
Employ leading designs and technology
Work with others to
reshape perception of mining
To be a valued part of society
Have a net positive impact on local communities
…as we believe this work is “Mission Critical" in our industry.
Integrated into operating model
Environmental and social responsibility

21. 21
KEY CHALLENGES
In looking forward the key challenges are…
…managing short-term priorities; delivering long-term value potential.
 External environment
Prices reverting to marginal costs more quickly than expected
…places focus on asset quality.
 Operating performance
Continuing positive performance improvements
…accelerating the pace of the operating model roll-out.
 Capital management
Cash flow and balance sheet pressure
…intense focus on capital discipline is key.
 Restructuring
Refocusing the portfolio
…to dedicate time and capital to priority assets.

22. Cash flow from operations
Balance sheet flexibility
Base dividend
Critical sustaining capex
Portfolio re-focus
Future growth options
CAPITAL MANAGEMENT RENE MEDORI

23. 23
SUPPLY DOMINATES PRICES
Since last year the environment for bulk commodities has weakened…
…putting pressure on operating cash flows.
Notes: Price line is equivalent to weighted average daily revenue to Q3 YTD 2014 sales volumes
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
1.5
01 Jan 14 01 Feb 14 01 Mar 14 01 Apr 14 01 May 14 01 Jun 14 01 Jul 14 01 Aug 14 01 Sep 14 01 Oct 14 01 Nov 14 01 Dec 14
Indexed commodity price (1 Jan 2014 = 1)
28th Nov
2014
variance
(8)%
PGMs
Nickel
Met coal
Iron ore
+14%
(1)%
(15)%
(50)%
Thermal
coal
(17)%
Diamonds +7%
Copper (13)%

24. 24
10.7
• Previous guidance
– net debt expected to peak in 2015
– forecast at $15-16bn (pre-disposals)
• Current guidance: net debt to peak in
2015 at $13.5-14.0bn
– post receipt of disposal proceeds from
Lafarge Tarmac
NET DEBT
Lower prices are impacting our net debt position…
…but we are focused on taking steps to offset these headwinds.
Net debt forecast ($bn)
2015 2017
~13.5 – 14.0
2014E
~13.0
2013
BBB (Negative)
Baa2 (Negative)
Offset through:
• continued
operational
improvements
• reduction in capex
• acceleration of
portfolio change
through disposals
Commodity price
weakness

25. 25
CRITICAL SUSTAINING CAPEX
We are continuing to develop our key assets…
…and focused on efficiencies in stay in business capital.
(1) Grasstree relates to Capcoal underground
(2) 2012 presented on a pro forma basis to reflect the De Beers acquisition from 1 January 2012.
Stay in business capex excluding capitalised stripping
and development ($m)
Other
Major open pits
Longwalls
~$1bn
~20%
~55%
~25%
Capitalisation for open pit mines is determined by comparing
actual waste stripping ratios to the average strip ratio for the
relevant section of the mine
Capitalised amounts have been determined in accordance
with IFRIC 20
Capitalised stripping and development
• Collahuasi
• Sishen
• Kolomela
• Mogalakwena
• Debswana
• Moranbah North
• Grasstree (1)
0
500
1,000
1,500
2,000
2,500
2012 2013 2014E 2015 2016 2017
-21%
SIB
New project SIB
~$2bn SIB capex post
implementation of
Minas-Rio and
Grosvenor
(2)
• Venetia

26. 26
PROJECTS IN EXECUTION
Major projects in execution are nearing completion…
…reducing committed capital and delivering growth.
$bn
Significant reduction in
committed capital
expenditure as projects in
execution are delivered
2015
1.9
2014E
3.3
Venetia
Other
2017
0.2
2016
Minas Rio 0.8
Grosvenor
Gahcho Kué
120
110
100
130
2013 2014E 2015 2016 2017
Index
Copper equivalent production growth(2)
(1)
(1) Capex excludes operating profits and losses capitalised
(2) Copper equivalent growth calculated on portfolio post disposals
CAGR: 5-7%
Committed Project Capex

27. 27
• Capex in 2014 below guidance of
$6.5-7.0bn
• Guidance for 2015 reduced from
$6.0-6.5bn
• Limited additional flexibility in 2015 due to
high levels of committed capital
• Continued focus on optimisation of SIB
capex
• New project approvals will be subject to:
– Pricing environment
– Progress on disposals
– Fit with evaluation criteria
– Project syndication
CAPEX OUTLOOK
Our overall committed capex is reducing…
…leading to increased capital flexibility post 2015.
Note: Capex excludes operating profits and losses capitalised
2015 2016
SIB
Projects in
execution
Stripping
2014 2017
6.0-6.2
5.2-5.5
$bn
3.9
3.3

28. 28
CAPITAL ALLOCATION
Rigorous application of project criteria…
…to all new investment decisions.
Payback
Cost and margin curve position
1
2
Impact on Group ROCE
3
4
5
IRR and NPV
NPV / Investment

29. 29
LIQUIDITY
Capitalised interest decreases as projects in construction are completed.
…and we are using it to address the current challenges.
We have support from high levels of liquidity…
2013 2014
17
15
19
2012
2.7
1.7 1.6
2015 2016 2017
Liquidity ($bn)
Debt maturity profile (bonds, $bn)
Interest rate policy and sensitivity
$140m
Annualised impact of a 1% change in LIBOR
Cash Undrawn facilities
• Over 90% of gross debt floating
over 3M US$ LIBOR with an
average spread of 1.85%
• Floating rate policy generally
provides a natural hedge and is
more cost effective over long term
100%
2014
Net interest (% of total)
Capitalised Expensed
Capitalised interest decreases
as projects in construction are
completed
~$0.6bn

30. 30
DIVIDEND
We recognise the critical importance of maintaining the dividend…
…which is well covered and will be funded through cash flow by 2016.
• Dividend is a critical part of our return to investors
• Sustainable at current level
• Flexibility to respond to lower prices through
reducing capex
• Ability to fund dividend from cash flow at spot
prices by 2016
• Long-term commitment to maintain or grow
dividend
32 32
53 53
32
2013 2014
85
2012
85
Interim
Final
Dividend
Payout Ratio
38% 41%
32%
(H1)
DPS (cents per share)

31. 31
PORTFOLIO PRIORITISATION
We are focusing our capital on our priority assets…
…and restoring balance sheet flexibility.
Average attributable capital employed at 30 June 2013 exchange rates and commodity prices ($bn)
2016 current guidance
49
2016 Guidance
per Dec 2013
45
2012
35
ROCE ≥15%
ROCE 10 ≥15%
ROCE <10%
Copper
Platinum
De Beers
Minas-Rio
De Beers
Thermal Coal
Copper
Kumba
Thermal Coal
Met Coal
Platinum
Nickel Nickel
Kumba
Met Coal
Minas-Rio
• Capex efficiency
• Asset disposals
• Working capital

32. 32
•Capex and net debt will peak in 2015
•Dividend funded from cash flow by 2016
•Continued improvement in capital efficiency
•Focus investment on core portfolio
•Strong liquidity position
SUMMARY
We are making the hard choices…
…to respond to lower prices.
Cash flow from operations
Balance sheet flexibility
Base dividend
Critical sustaining capex
Portfolio re-focus
Future growth options

33. TECHNICAL LEVERAGE TONY O’NEILL

34. 34
We have the right people in place:
•Capability and deep knowledge
Building a strong foundation
•Implementing the Operating Model
Focus on core assets
•Wave 1 has been defined and is in progress
Do the fundamentals better
•What good looks like
Technological Innovation
•Deriving multi-industry solutions
REBUILDING TECHNICAL EXCELLENCE
Leverage the Business Units’ delivery…
…technical excellence across all disciplines.
Technological Innovation
Technical Leverage
Geosciences
Mining
Processing
Supply chain
Safety and Sustainability
Asset Strategy
Operating Model
Projects
Technical Solutions

35. 35
Operational planning
•Specifications for the most cost effective way to operate a business
Work management
•Reliably deliver the right work at the right time in the right way
Measures & analysis
•Use information from performance measures and statistical process control to identify opportunities
BUILDING A STRONG FOUNDATION
Ensuring that we have the right architecture…
…this is the new language of the business.
Operating Model – key attributes
Set Performance Targets
Set Production Strategy
Set
Service Strategy
Set Operating Master Schedule
Set
Expenditure Schedule
Approve Work/Cost Commitments
Plan Work
Schedule Work
Resourcing
Execute Work
Process Performance
Set Business Expectations
Modify or Adapt the Business
Measure Social Process Performance
Measure Work Management Performance
Measure Process Performance
Labour, Materials & Equipment
Analyse & Improve
Operational Planning
Work Management
Feedback
Do
Plan
Act
Check
Continuous improvement
•Institute a system to continually examine our performance and look for opportunities to improve
Source: Copyright © McAlear Management Consultants 2000

36. 36
RESULTS ALREADY SHOWING AT SISHEN
Early improvements from implementing operating model…
…with potential for more.
Daily Tonnes
Sishen - North Mine Total Tons Handled
Individuals
Set 1: UCL = 218 393,79, Mean = 143 066,57, LCL = 67 739,35 (2014/06/01 - 2014/06/30) (mR = 2)
Set 2: UCL = 268 714,02, Mean = 191 836,04, LCL = 114 958,06 (2014/09/18 - 2014/10/13) (mR = 2)
UCL
Mean
LCL
UCL
Mean
LCL
Rain
2014/06/01
2014/06/04
2014/06/07
2014/06/10
2014/06/13
2014/06/16
2014/06/19
2014/06/22
2014/06/25
2014/06/28
2014/07/01
2014/07/04
2014/07/07
2014/07/10
2014/07/13
2014/07/16
2014/07/19
2014/07/22
2014/07/25
2014/07/28
2014/07/31
2014/08/03
2014/08/06
2014/08/09
2014/08/12
2014/08/15
2014/08/18
2014/08/21
2014/08/24
2014/08/27
2014/08/30
2014/09/02
2014/09/05
2014/09/08
2014/09/11
2014/09/14
2014/09/17
2014/09/20
2014/09/23
2014/09/26
2014/09/29
2014/10/02
2014/10/05
2014/10/08
2014/10/11
2014/10/14
2014/10/17
2014/10/20
2014/10/23
2014/10/26
2014/10/29
2014/11/01
2014/11/04
2014/11/07
2014/11/10
2014/11/13
2014/11/16
2014/11/19
2014/11/22
100 000
150 000
200 000
250 000
Implementation

37. 37
OPERATING MODEL – ROLLING OUT ACROSS THE GROUP
Implementation well progressed at Sishen and Minas Rio…
…assets prioritised according to impact and readiness.
2014
2015
2016
2017
2018
Sishen - rest of mine
Mogalakwena
Minas-Rio
Barro Alto
De Beers
Phosphates
SA Coal - other
Corporate – various
Australia Coal - other
Sishen - North mine
Moranbah North
Kolomela
Tumela
Los Bronces
POTENTIAL

38. 38
WAVE 1 – FOCUS ON THE CORE ASSETS
A tightly managed programme of initiatives…
…unlocking value at four of our core assets.
Asset
Initiative 1
Initiative 2
Initiative 3
Initiative 4
Initiative 5
Initiative 6
Los Bronces
Improve drill & blast performance
Recovery improvement
Continue to support comprehensive water mgmt plan
Review options to optimise haulage distances
Operating Model roll out
SIB scrubbing
Responsibility
Sishen
Stabilise feed - focus on drill & blast
Stabilise feed - improve load and haul
Jig plant optimisation
DMS plant optimisation
Move to Phase 2 of Operating Model roll out
SIB scrubbing
Responsibility
Mogalakwena
Optimise feed strategy – geomet + grade control
Focus on drill & blast
Improve dispatch
Operating Model roll out
SIB scrubbing
Responsibility
Kolomela
Feed strategy – optimize fragmentation
Develop stockpile & inventory strategy
Optimise plant throughput
Operating Model roll out
Responsibility
Projects
Supply Chain
Geosciences
Mining
Asset Strategy
BI
Processing
S&SD
Indicates Lead
Indicates Assistance
IM / HR
Legend
Support/
Enhance
Headwind mitigation
Unlock further value

39. 39
SUCCESSFUL APPROACH AT MINAS RIO
How we work…
…to deliver the best solutions.
1
2
Identify initiatives
Prioritize and schedule

40. 40
SUCCESSFUL APPROACH AT MINAS RIO (CONT.)
How we work…
…to deliver the best solutions.
Group experts
Tyler Mitchelson
Rodrigo Vilela
Group PMO(1) team
▪Coordinate
▪Schedule
▪Staff
Business Unit PMO(1) team
▪On site resourcing
▪On site scheduling
▪Timeline design
Business Unit site team
Technical expert support
Oversight & coordination
Charged with delivery
▪Prioritise
▪Approve
▪Enforce
Business Unit Lead
Group Lead
Group Contact
BU Contact
Assign roles & responsibilities
3
▪Action decisions on site
▪Ensure minimal disruption
▪Identify resourcing gaps
▪Analyse and design initiatives
▪Implement and deliver results
(1) PMO: Project Management Office

41. 41
DO THE FUNDAMENTALS BETTER
Intense focus on operational fundamentals…
…there are opportunities across the business.
Before
•Best practice not shared
•High levels of system variability
Now
•Tighter front end planning
•Engineering and practice improvements
•Activity driven unit cost focus
•Data driven decision making
Integrated across all disciplines
Mine geology:
•Improvement in grade control selectivity
•Modelled ore-body to recovered product reconciliation
Mining practice:
•Improved drill and blast practice and inputs
•Improved management of equipment fleets
Metallurgical processes:
•Improved metallurgical recovery and yield
Reliability engineering:
•Fuel management, cleanliness and consumption
•Elimination of catastrophic mechanical failures
Opportunity

42. 42
WHAT WE SEE

43. 43
Processing
“What good looks like” example
Processing stability
Adaptive processing to ensure stability
Recovery optimisation
Systems optimised to metallurgical response
Asset Strategy
“What good looks like” example
Delivering design OEE(1)
Plant OEE’s of 90-95%
Maintenance
Active defect elimination process
Fuel efficiency
Fuel consumption reduced by 3-7%
Geosciences
“What good looks like” example
Grade control and reconciliation
Fully-integrated grade control system at all operations
End-value estimation approach
Recovered value rather than metal content
Mining
“What good looks like” example
Drill & blast
Mine-to-Plan compliance >90%
Load & haul
Payloads consistently at 95-100% of design
Fleet utilisation
Shift changeover of <30mins
Fragmentation
<2% of unloadable oversized material
IMPROVING FUNDAMENTAL OPERATING PERFORMANCE
It’s the detail that matters…
…ensuring excellence comes as standard.
(1) OEE: Overall Equipment Efficiency = availability x utilisation x appropriate performance factor

44. 44
Already beginning to see some results
•Coal, Sishen, Minas Rio
Operating performance
•Stable and capable operations mean lower opex and less capex
Health & safety
•The probability and frequency of serious incidents is greatly reduced
Uplift beyond 2016
•Potential to deliver significant earnings enhancement
THE OPPORTUNITY
Consistently better performance…
…takes integrated systems and capability.
POTENTIAL
Minas-Rio

45. 45
LONGER TERM POTENTIAL & OPPORTUNITIES
Understanding unlocks…
…a deep pool of opportunities.
Resource potential
•Platinum……………………..........Mogalakwena
•Copper………………..Los Bronces / Collahuasi
•Diamonds………......Venetia / depth extensions
•Coal……………………………Peace River Coal
Mining Approach
•Iron ore……...………………....pit configurations
•Coal…………………..…....longwall optimisation
•Platinum…….................Mogalakwena potential and U/G mechanisation
•Copper……………...……... stripping in balance
•De Beers…..Venetia underground configuration
Before
Mining areas in the North Pit of Sishen Mine
After

46. 46
Work to date
•Hard-rock cutting, Automated truck kits, Slurry Pumping
Predictive platforms
•Integrated 3D data management
Areas of opportunities
•Manual to mechanised
•Reduced water and energy inputs – moist rather than wet processing, energy efficient comminution
Open Forum Approach
•Smarter approach to IP
•Fast, multi-industry solutions
TECHNOLOGICAL INNOVATION
…technology will one day transform our daily business.
Truck Automation kits
Automated underground mapping
On the cusp…

47. 47
WORLD CLASS ASSETS
…demand capable leadership and business disciplines.
World-class resources…
Los Bronces
Sishen
Jwaneng
Minas-Rio
Moranbah North
Grasstree
Collahuasi
Mogalakwena
Venetia
Orapa
Kolomela
Grosvenor
Note: Grasstree refers to Capcoal underground

48. PLATINUM CHRIS GRIFFITH
•Location: South Africa and Zimbabwe
•Ownership: 80%
•Number of operations:14 Mines, 3 Smelters, 1 Base Metal Refinery, 1 Precious Metal Refinery
•Products: Platinum, Palladium, Rhodium, other PGMs, Nickel, Copper
•Employees and contractors: ~51,000

49. 49
2.5 2.6 2.2 2.3 2.4
2014E 2015 2016 2017
~1.8
2012 2013
2.3-2.4 2.4-2.5
2.5-2.6
PLATINUM SUMMARY
Despite a challenging labour environment…
…underlying operating performance improves for key assets.
US$ million FY2012 FY2013 H1 2014
Revenue 5,489 5,688 2,718
EBITDA 580 1,048 231
EBIT (120) 464 (1)
Underlying earnings (225) 287 (1)
Capex – SIB(1) 414 434 176
Capex - Growth 408 174 69
Attributable ROCE % (2) 6 (0)
Equivalent refined platinum production (million ounces)
Source: Anglo American Platinum internal estimates, and industry publically available information. The graph depicts the Pt Price required per Pt oz to breakeven based on Operating costs
and SIB. Operating costs defined as On and Off mine Costs netted off with by-product revenues. (Pd Rh Au Ni Cu).Twickenham mine excluded as still in project phase.
(1) SIB includes development and stripping capex
600 1,200 1,800 2,400
$ 2,500
$ 2,000
$ 1,500
$ 1,000
$ 500
$ 0
200 400 800 1,000 1,400 1,600 2,000 2,200 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 4,600 4,800
Unki
Mototolo
BRPM
Mogalakwena
Union
Bokoni
Kroondal
Siphumelele
Khomanani
Bathopele
Tumela
Khuseleka
Modikwa
Dishaba
Thembelani
$/oz
Amplats Mines Amplats JV Mines Amplats Assets to Exit
Pandora
Platinum industry – 2013 break-even curve

50. 50
REPOSITIONING – THE FUTURE PORTFOLIO
With restructuring largely complete, focus moves to repositioning…
…with preparation for exit of assets under way.
•Consolidation of Rustenburg from five mines into three, and Union from two mines into one is complete
•Next phase is optimisation to improve profitability (focusing on value not volume)
•Exit process commenced for Rustenburg and Union:
–At Union we are in discussions with interested parties
–Finalising preparations for Rustenburg exit
–Continue to prepare for listing alongside evaluating buyer interest
•JV exits are being discussed with relevant partners
Exit
Union
Rustenburg
Bokoni (JV)
Pandora (JV)
Restructuring

51. 51
•Mogalakwena
−300-360-420koz
World’s largest operational platinum open-pit mine
•Tumela
High-quality ore body
•Dishaba
Optimise production and fill shaft capacity
•Unki
Debottleneck the mechanised mine
•Twickenham
Re-planned for full mechanisation
•Der Brochen
Ability to fully mechanise
•JV Portfolio
−BRPM
−Mototolo
−Modikwa
−Kroondal
Shallow Merensky resources and ability to mechanise at Styldrift
Synergies with Der Brochen
Good quality orebody
Good cash flow generation
•(1) POC refers to purchase of concentrate
REPOSITIONING – THE FUTURE PORTFOLIO
The focus is now on optimising and reconfiguring the portfolio…
…to create a more profitable and sustainable company.
Mechanisation
Employees
1.5
1.0
0.2
0.2
0.6
1.4
Current
Potential
Own Mined
JV
POC
31%
71%
69%
29%
Current
Potential
Mechanisation
Conventional
31%
83%
69%
17%
Current
Potential
1H Cost Curve
2H Cost Curve
2014 ex-strike
Production (Moz)
Production - 1H Cost Curve
2.3
2.6
Reposition – Optimise assets
(1)
2014 ex-strike
2014 ex-strike
2017
c.46,000
c.23,000
c.5,000
c.2,000
Current
Future
Employees
Contractors
2014
2017
51% reduction
(1) POC: Purchase of concentrate

52. 52
Actual to date
Operational business improvement plans…
…already proven to be successful at Mogalakwena.
•Effective delivery on targets:
–Volume: tonnes, metres drilled, throughput
–Quality metrics met: grade, fragmentation, water management
•Efficient use of resources
–Time – OEEs(1) of loading and hauling equipment
–Diesel and explosives usage
–Improved tyre life
•Sustainable change
–Work practices, mining to plan
•Working on stability and reducing variability
–More hours accumulating on the truck fleet
–Improvements in utilisation of fleet
•Operating Model goes live in 2015 - with the objective of further improving efficiencies
BUSINESS IMPROVEMENT AT MOGALAKWENA
Average Tonnes Mined Q1 2013
Average Tonnes Mined Q4 2014 YTD
+79%
Q1 2013
Q4 2014 YTD
Mean
Mean
139
166
194
270
297
310
+79%
(1) OEE: Overall Equipment Effectiveness
Tonnes mined per day

53. 53
420
After Improvements
De-bottlenecking &
Beyond
360
Potential Upside
1.Ongoing concentrator improvements and de-bottlenecking
2.Mining strategy improvements
3.De-bottlenecking and further options
+60 koz & upside
6
8
10
12
14
40
50
60
70
80
2012
2013
2014E
2015E
2016E
2017E
Tonnes milled (t)
Waste tonnes mined (Mt)
Waste mined
Milled
150
250
350
450
550
650
2012
2014
2016
2018
2020
2022
Platinum (koz)
-5
5
15
25
35
45
55
0
50
100
150
200
250
2014
2024
2034
Strip ratio
Tonnes mined (Mt)
300-360
c.420
Potential Upside
Future
Optimised Mogalakwena performance ahead of schedule…
…with future growth options being assessed.
Optimised plan
Prior strip ratio
Prior plan
Optimised strip ratio
MOGALAKWENA – OPTIMISING GROWTH OPTIONS
300
330
350
20
20
2012
2014
2016
Production Mogalakwena
Baobab
Previous Plan
New Plan
85-95
Previous Plan
New Plan
Strip Ratio
10-15x
~5x
~200
>50% reduction
>50% reduction
Tonnes mined per annum (Mt)

54. 54
•Cumulative stocks increased due to reducing demand and continued supply
•Cumulative oversupply of over 1.3moz by 2011
•Deficits in 2012, 2013 and 2014 have reduced metal availability
–2012 - post-Marikana strikes c.300 koz
–2013 - Investment move into ETFs 900 koz
–2014 - Industrial action c.1.0 Moz
PLATINUM MARKET BALANCES
Cumulative industry oversupply to 2011
Source: Johnson Matthey public reports; World Platinum Investment Council (WPIC) Platinum Quarterly Q3 2014
Recent events have accelerated the tightening of the market…
…moving into deficit and improvement in outlook for platinum.
355
(80)
(220)
635
(25)
450
Stock
2006
2007
2008
2009
2010
2011
Stock
Accelerated depletion of above-ground stock
4,140
2,560
355
(80)
(220)
635
(25)
450
(395)
(695)
(885)
2,000
2,500
3,000
3,500
4,000
4,500
Stock
2006
2007
2008
2009
2010
2011
2012
Stock
2013
2014E
Stock

55. 55
•Significant improvement in outlook for platinum due to:
–Increasing demand from:
•Autocatalysts
•Jewellery
•Industrial
–Limited supply growth from SA
•Additional marketing effort to increase demand which could have significant price upside
PLATINUM MARKET BALANCES
(1)Incremental demand from market development Includes impact from reduced elasticity of jewellery demand, accelerated adoption of fuel cells and growth in investment demand
(2)UBS analyst consensus – August 2014 Source: Johnson Matthey public reports; WPIC Platinum Quarterly Q3 2014
Reduced supply and demand growth to maintain medium-term deficits…
…should lead to price recovery.
Forecast demand deficit(1)
Median of analyst consensus prices(2)
700
800
900
1,000
1,300
1,400
1,500
1,600
1,700
1,800
1,900
2,000
2014
2015
2016
2017
2018
Palladium Nominal US$/oz
Platinum Nominal US$/oz
Analyst Median- Platinum (LHS)
Analyst Median- Palladium (RHS)
(885)
(1,000)
(800)
(600)
(400)
(200)
0
2014E
2015F
2016F
2017F
2018F
Potential Upside demand from Market development
Average of external forecast market balances
Market (deficit) Koz

56. 56
Four areas of focus to increase demand for PGMs:
1.Platinum Guild International
focus on inelastic jewellery demand in China and India
2.World Platinum Investment Council
formed to promote investment demand
3.Rhodium
negotiations with automotive customers to re- introduce rhodium into autocatalysts
4.Further opportunities in industrial sector
influence adoption of new technology such as renewable power support and electrolysers
Investment fund in PGM application “start-ups” with $29m invested to date
COMMERCIAL FOCUS AND MARKET DEVELOPMENT
Delivering value and brought in-house…
…focusing on four areas to increase PGM demand.
Hyundai ix35 Fuel Cell Car
Toyota Mirai Hydrogen Fuel Cell Car

57. BASE METALS & MINERALS DUNCAN WANBLAD
•Location: Chile, Brazil and Peru (Project)
•Ownership: 44-100%
•Number of operations: 11
•Products: Copper, nickel, niobium, phosphates
•Employees and contractors: ~23,500

58. 58
COPPER SUMMARY
Copper turnaround since 2012…
…has delivered excellent results.
3
Driving value delivering results Los Bronces material mined turnaround (Mt)
US$ million FY2012 FY2013 H1 2014 Production (kt)
Revenue 5,122 5,392 2,555
EBITDA 2,288 2,402 1,106
EBIT 1,736 1,739 760
Underlying earnings 941 803 309
Capex – SIB(1) 854 700 249
Capex – Growth 360 311 84
Attributable ROCE 29% 25% 22%
C1 unit cash cost(2)
(c/lb)
171 162 159
Smaller
assets
Los Bronces
& Collahuasi
660
• Primary focus is first on stabilising, then optimising the operations
• Los Bronces has stabilised the mine and plant, having caught up on
waste backlogs from previous years. 2016 Asset Review targets already
met, including:
• Record material mined in 2014 of 150Mt vs. 129Mt in 2012
• Continuous ore feed from mine to plant, increasing plant throughput
• Greater residence time in flotation plant leading to higher recoveries
• Collahuasi mine has been stabilised, with the focus now shifting to the
plant
169 163 136 141 153 162
2012 2013 2014 2015 2016 2017
775 745 720-750 710-740 720-750
0
50
100
150
200 +10%
-12%
-26%
2012 2013 2014E
Actual
Plan
(1) SIB includes development and stripping capex
(2) Unit costs presented on a nominal basis
E
660

59. 59
COPPER TURNAROUND HAS CONTINUED INTO 2014
Performance at the Los Bronces mine and plants has significantly improved…
…waste stripping is now back on schedule and mine flexibility has been reinstated.
129
128
150
67%
78%
93%
Oct YTD 2014
2013
2012
88%
92%
94%
Mine compliance to plan
Material mined (Mt)
2014E
2013
2012
2014E
2013
2012
Confluencia plant feed (ktpd)
2
7
-
0
9
-
2
0
1
4
3
1
-
0
7
-
2
0
1
4
2
8
-
0
5
-
2
0
1
4
2
5
-
0
3
-
2
0
1
4
2
0
-
0
1
-
2
0
1
4
1
7
-
1
1
-
2
0
1
3
1
4
-
0
9
-
2
0
1
3
1
2
-
0
7
-
2
0
1
3
0
9
-
0
5
-
2
0
1
3
0
6
-
0
3
-
2
0
1
3
0
1
-
0
1
-
2
0
1
3
1
4
0
1
2
0
1
0
0
8
0
6
0
4
0
2
0
0
k
t
p
d
_
X
=
8
7
,
7
_
X
=
9
1
,
0
_
X
=
9
1
,
3
_
X
=
8
7
,
6
_
X
=
8
8
,
7
_
X
=
9
2
0
1
3
Q
1
2
0
1
3
Q
2
2
0
1
3
Q
3
2
0
1
3
Q
4
2
0
1
4
Q
1
2
0
1
4
Q
2
2
0
1
4
Q
3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
C
o
n
t
r
o
l
C
h
a
r
t
:
C
F
P
l
a
n
t
T
h
r
o
u
g
h
p
u
t
(
k
t
p
d
)
Confluencia Plant Feed (ktpd)
Summer
Winter
Winter
Summer
Major maintenance
27-09-2014
31-07-2014
28-05-2014
25-03-2014
20-01-2014
17-11-2013
14-09-2013
12-07-2013
09-05-2013
06-03-2013
01-01-2013
700
600
500
400
300
200
100
0
Control Chart: LB Mine Rock Extraction (ktpd)
Summer
Winter
Winter
Summer
k
t
p
d
2013 Q1
2013 Q2
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Confluencia plant operating time (%)
Mine extraction (ktpd)

60. 60
STRUCTURAL HEADWINDS A CHALLENGE AT LOS BRONCES
Plans are in place to mitigate the impact…
…offset by productivity gains and grade in 2015.
Average haulage distance (km)
Average haulage distance increase 80% from 2012 to 2016
Grades are variable and declining
Despite this, plant throughput levels will be maintained
Ore hardness is increasing
2017
0.74%
2016
0.74%
2015
0.89%
2014
0.77%
2013
0.83%
Grade
%
2017
2016
2015
2014
2013
142
146
150
133
146
4.2
2017
+80%
6.3
5.2
5.6
3.5
2016
2015
2014
2013
2012
5.8
ktpd
2012
126
2012
0.84%
-11%
+16%
2017
107
2016
122
2015
109
2014
82
2013
82
Ore hardness
(SPI)
2012
85
+43%

61. 61
84%
83%
89%
COPPER TURNAROUND HAS CONTINUED INTO 2014
After good progress to stabilise the Collahuasi mine in 2014…
….the focus will shift to the plant into 2015.
231
231
254
67%
84%
85%
2013
2012
Mine compliance to plan
Material mined (Mt)
Oct YTD 2014
Plant operating time (%)
2014E
2013
2012
2014E
2013
2012
24-09-2014
09-08-2014
15-06-2014
21-04-2014
25-02-2014
01-01-2014
07-11-2013
13-09-2013
20-07-2013
26-05-2013
01-04-2013
250
200
150
100
50
0
k
t
p
d
2013 Q2
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Control Chart: Collahuasi Ore feed (ktpd)
27-09-2014
09-08-2014
15-06-2014
21-04-2014
25-02-2014
01-01-2014
07-11-2013
13-09-2013
20-07-2013
26-05-2013
01-04-2013
900
800
700
600
500
400
300
200
100
0
k
t
p
d
2013 Q2
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Control Chart: Collahuasi Mine Extraction (ktpd)
Major maintenance
Storm
Earthquake
Stator change SAG 3
SAG 3 stator preventative maintenance
Blackout
Winter
Winter
Summer
Winter
Winter
Summer
Plant Feed (ktpd)
Mine extraction (ktpd)
Plant feed (ktpd)

62. 62
OPERATIONAL IMPROVEMENTS HAVE BEEN EMBEDDED
Increased production versus prior forecasts…
...although grade variability remains.
Variable copper grades (% Cu)(1)
(1) Grade shown is the weighted average grade for sulphide flotation across all assets
Copper production increased to 2017
0.75%
0.80%
0.85%
0.90%
0.95%
2013
2014E
2015
2016
2017
700
700
700
745
+6%
720-750
720-750
710-740
2014E
2015
2016
2017
2013 guidance 2014 guidance

63. 63
QUELLAVECO PROJECT
A significant orebody with attractive grades…
…Quellaveco complements our quality re-shaped copper portfolio.
Source: Wood Mackenzie 2020 cost curve data and Anglo American actual data. Quellaveco C1 cost averaged over the first six years of production
• Located in southern Peru, at >3,500 metres in an
established mining district - strong social/political support
• An attractive cost curve position with CuEq grades over
0.90% in initial years
• Reserves of 916Mt at 0.65% Cu, 0.019% Mo plus Ag and
a 28 year LOM with production of ~220ktpa (~315ktpa in
initial years)
• Construction early works commenced in 2012 and the
Feasibility Study is on schedule for completion in H1 2015
• Construction would result in a copper portfolio consisting
of three major mines in the lower half of the cost curve
• Given the magnitude of the project, Anglo American will
look to syndicate the capital exposure
Cost curve positioning (2020)
Quellaveco cross section
0.01%
0.2%
0.3%
0.4%
0.6%
> 1.0%
GRADE
-50
-
50
100
150
200
250
300
350
400
0% 25% 50% 75% 100%
Quellaveco
Collahuasi
Los Bronces

64. 64
LONGER TERM BROWNFIELD OPTIONS IN COPPER
Significant resources to sustain production with expansion potential…
…with studies being advanced for execution post-2020.
Los Bronces District
• Main development focus is on the Los Sulfatos orebody, which is one of the
largest untapped high-grade deposits in the world
− Principally replacement ore for the current mine plan, to maintain copper
production as grades decline
− Initial studies indicate high grade underground mining possible
− 8km exploration tunnel completed in 2012 to provide access
− 15,000m of exploration drilling planned for 2015 and 84,000m by 2019
• A number of other options in the district show promising results
-
5
10
15
20
Reserves Measured &
Ind.
Inferred San Enrique
Monolito Inf.
Los Sulfatos
Inf.
0.61%
0.40%
0.37%
1.46%
0.81%
Cu grade
(flotation)
Contained Cu (Mt, flotation)
Los Bronces
Los
Sulfatos
San Enrique
Exploration Monolito
tunnel

65. 65
LONGER TERM BROWNFIELD OPTIONS IN COPPER
Significant resources to sustain production with expansion potential…
…with studies being advanced for execution post 2020
Collahuasi
•Development of Rosario Sur and Oeste pit areas will enable cathode production to continue
−Debottlenecking could increase production to 65ktpa from ~30ktpa currently
•Major expansion of the concentrator plant could increase throughput from current permitted capacity of 170ktpd by up to an additional 200ktpd, subject to permitting
•Will require additional sources of water and tailings storage facilities
Ujina
Rosario
Rosario Oeste
Rosario Sur
-
10
20
30
40
Reserves
Measured & Ind.
Inferred
Contained Cu (Mt, flotation)
Cu grade
(flotation)
0.99%
0.96%
0.96%

66. 66
BARRO ALTO NICKEL FURNACE REBUILDS
Step change in Barro Alto’s stability led to 2014 production exceeding target…
…focus is now on reaching design capacity through the furnace rebuilds.
Design capacity will be achieved from 2016
Significant improvement in performance
…with further potential to produce +40ktpa
• Rebuilt furnaces will have upside potential beyond
nominal capacity
• Further upside potential from treating refinery slag
and increasing recoveries
• Delivery of the coal pulverisation project will
enable a switch to a lower cost fuel source
Furnace rebuild commenced in October
Ramp-up curves (ore smelted, t)
0
50
100
jan-15 apr-15 jul-15 oct-15 jan-16 apr-16 jul-16 oct-16
EF1
EF2
Nominal capacity
28
11-15
36 36
2014E 2015 2016 2017
Capacity (kt)
Production (kt)
EF2
Rebuild
effect
UPPER
LIMIT
LOWER
LIMIT
EF1 + EF2 Throughput: Jan,13-Oct,14

67. IRON ORE BRAZIL PAULO CASTELLARI
•Location: Brazil
•Ownership: 100% Mine & pipeline and 50% Port Terminal
•Number of operations: 1
•Products: High quality iron ore pellet feed @~68% Fe
•Employees and contractors: ~4,000 (steady-state)

68. 68
•An exceptional inclusive resource base – 5.3bn tonnes
•Fully integrated operation – from mine to port
•160k tonnes of premium product en route to customers in China
•290k tonnes stockpiled at Port Açu, ready for further shipments
•700kt saleable product produced in 2014
SHIPPED FIRST ORE ON 25 OCTOBER 2014
Minas-Rio is a priority 1 asset…
...producing some of the highest quality pellet feed.

69. 69
DELIVERED AHEAD OF SCHEDULE AND BELOW BUDGET
Delivered Minas-Rio safely and responsibly...
...in line with revised schedule and $0.4 billion below budget.
Delivered project at $8.4 billion capex
Total project
8.8
0.8
Forecast
FY 2014
7.6
8.4
Previous
estimate
0.4
2015 /
2016
Note: 1) Includes licence conditions, working capital payments, environmental and social programs, demobilisation costs & construction contract finalisation
150
150
400
800
100
Port Mine &
Ben Plant
Pre
Operations
Other (1) Total

70. 70
•1.4Bt of Ore Reserves and 3.9 Bt of Mineral Resources
•Upside reserve potential from an already large resource base
•Easy to mine material due to geological formation
•Low strip ratio over LOM ~0.4:1 and easily liberated containments
LARGE RESERVE & RESOURCE BASE
Long-term value from a first tier deposit...
...with an integrated operational set-up.
529Km pipeline
~ 4 days for slurry to travel through pipeline (~6 km/h)
Slurry Pipeline
Located in the State of Rio de Janeiro JV 50:50 Anglo American & Prumo Global Logistics
Port
Located in the State of Minas Gerais – Brazil
Beneficiation Plant

71. 71
CASH COSTS AND SIB CAPEX
Competitive operating costs…
... and sustaining capex.
$6/t - $7/t
$2/t
$10/t - $11/t
$9/t
$1/t
$5/t (1)
$33/t – $35/t (1)
SIB Capex ~$5.5/t over 1st 18 years
Other
Pipeline
Mine
Beneficiation
Filtration
Net Port
FOB Cash Cost
1st 18 yrs. Avg. (Real 2014 Terms wmt)
(1)Includes state royalty, excludes federal royalty, on wet metric ton basis Source: CRU’s estimate of FOB costs include mining, processing, transportation and general and admin. Minas-Rio shown at full production.
Global Iron Ore Cost Curve - 2016 ($/dmt, FOB)
•Minas-Rio is in the 2nd quartile of the cash cost curve
1,250
250
50
1,500
750
150
200
0
1,000
500
2,250
0
100
2,000
1,750
Mt dry ore
Minas-Rio

72. 72
PREMIUM PELLET FEED PRODUCT
A quality product that will bring value to our customers...
...and has the perfect fit to the evolving Iron Ore consumer market.
1) Chinese production (rich ore equivalent) inferred from a small sample of mines
Source: CRU, AME, Anglo American
• Increased market demand for high quality ore
benefits Minas-Rio
• Minas-Rio High quality pellet feed product
• Direct Reduction – ~68% Fe
• Blast Furnace – ~67% Fe
• Low Silica and Alumina
• High quality ore being priced off appropriate
indices – normalised for Fe, silica and alumina
10%
8%
6%
4%
2%
0%
56% 58% 60% 62% 64% 66% 68% 70%
Alumina + silica content
Fe content
India
Australia - Standard Quality
CIS
Australia - High Quality
Brazil
Other - Africa
Minas-Rio
North America
Kumba Iron Ore
China

73. 73
THE FOCUS IS NOW ON RAMP UP
18-20 months ramp-up requires world-class performance...
...and strong risk management.
Product Ramp-up (Mtpa - wet basis) & FOB Cash Cost
2015 2016
26.5
2017
11-14
24-26.5
2014E
~0.7
• Strong operational performance since FOOS
• Fully mobilised workforce
• Licensing process to continue in line with Brazilian
requirements
• Completing construction activities
• Realising FOB cash costs
• Well positioned to deliver ramp-up in 18-20 months
$33-35/t
Product (mt)
FOB ($/ wmt)
$33-35/t
~$60/t

74. 74
VIDEO

75. 75
BREAK

76. COAL SEAMUS FRENCH
•Location: Australia, South Africa, Canada, Colombia
•Ownership: Various
•Number of operations: 19 (including JVs)
•Products: Metallurgical and thermal coal
•Employees and contractors: ~21,500 (excluding Colombia)

77. 77
SUMMARY
Creating a high margin global Coal Business…
… while overcoming tough market conditions.
Maximise value of existing assets
•Metallurgical assets:
–Secured H1 margin position
–Delivered 21% cost reduction
–Created two of Australia’s best longwalls
–Positioned all assets cash positive
–Eliminated 4Mt low margin production from market
•Thermal assets:
–Program in place to improve SA Export productivity and secure Q1 margin position
Pare back portfolio to high margin assets
Direct growth to high margin assets
2014 Metallurgical coal margin (US$ per tonne)
-60
50
40
30
20
10
0
-10
-20
-30
-40
-50
AA
High margin global Coal business
2014 Export thermal coal margin (US$ per tonne)
-10
-40
40
0
20
50
-30
-20
10
30
-50
SA
Cerrejon
Note: Excluding Peace River Coal (PRC) which is on care and maintenance
Source: Margin curve as per Wood Mackenzie May 2014 data

78. 78
AUSTRALIAN ASSETS SUMMARY
Creating a H1 metallurgical margin position…
…through the implementation of our Operating Model.
US$ million FY2012 FY2013 H1 2014
Revenue 3,889 3,396 1,509
EBITDA 953 672 307
EBIT 481 106 18
Underlying
earnings
338 111 (14)
Capex – SIB(1) 737 510 187
Capex - Growth 288 543 215
Attributable
ROCE %
10% 2% 0%
Note: Australian assets including PRC. PRC contributed 1.6Mt to 2014 production. Production guidance subject to market conditions.
(1) SIB includes development and stripping capex
(2) FOB Unit Cash cost excluding royalties and Callide (A$/t)
Sustainable cost reduction in Australia(2)
89 85
108
H1 2013 H1 2014
-21%
H1 2012
18 19
20 21
24
2014E 2015 2016 2017
21
2012 2013
20-21 21-22
24-25
Metallurgical coal production (Mt)

79. 79
LONGWALLS IN AUSTRALIA
Operating Model dramatically improved performance…
… resulting in a Q1 cost position.
• Operating Model delivered 120% to 140% productivity
uplift and 61% unit cost reduction
• Strengthened leadership and reduced headcount by
~17% (1)
• Increased use of longwall automation since H2 2013
to reduce operational variability
• Remote expert monitoring of longwalls to optimise
performance
• Further upside on cutting rate
• Moranbah H1 2015 lower production reflecting
outages for equipment upgrade
(1) Headcount reduction during the period of 2012 to 2014
(2) Grasstree relates to Capcoal underground
Underground FOB Cost (A$/t excluding royalties)
194
109 86 80 75
2011 H1 2013 H1 2014
-61%
2012 H2 2013
Operating Model Outcome
22
10
24
10
288
199
Moranbah
(ROM kt/day)
Grasstree
(ROM kt/day)
Dawson
(waste kbcms/ day)
Pre Post Pre Post Pre Post
Australian longwalls (Cutting hrs per week, H1 2014)
0
20
40
60
80
100 AA Peer

80. 80
OPEN-CUT AUSTRALIA TRANSFORMATION
Productivity improvement across all open-cut assets…
…with 8% reduction in unit cost.
• Operating Model delivered 20% productivity uplift
and 8% cost reduction
• Over 50% of all primary equipment within 20% of
benchmark, 15% set the benchmark
• Reduced headcount by 17%(1) across all open-cuts
• Delivered 45% productivity uplift at Dawson in less
than 12 months
• Delivered 30% productivity improvement at Callide
and 25% cost reduction
• Removed 4Mt metallurgical coal from market (from
end 2014) with idled equipment
Dawson Waste Moved
Open Cut Productivity
Restructure Excluded
Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14
ROM Tonnes / FTE
8,400 9,400 9,500 10,000
2011 2012 2013
+19%
H1 2014
(1) Headcount reduction during the period of 2012 to 2014
(2) 4Mt metallurgical coal removed from market includes Aquila and PRC

81. 81
US$ million FY2012 FY2013 H1 2014
Revenue 3,447 3,004 1,347
EBITDA 1,019 778 373
EBIT 840 584 273
Underlying
earnings
563 414 199
Capex – SIB(1) 277 262 58
Capex - Growth 204 170 34
Attributable
ROCE % (SA)
41% 27% 28%
Attributable
ROCE %
(Colombia)
36% 22% 19%
SOUTH AFRICA AND CERREJON SUMMARY
H1 margin assets…
…with further opportunities identified in SA.
(1) SIB includes development and stripping capex. (2) Production subject to market conditions
Source: Margin curve as per Wood Mackenzie May 2014 data
-10
-20
-30
-40
-50
50
40
30
20
10
0
SA Cerrejon
29 28 29 29 29 29
2012 2013 2014E 2015 2016 2017
28-30 28-30 28-30
Export thermal coal production (Mt)
2014 Export thermal margin curve (US$ per tonne)

82. 82
SOUTH AFRICAN ASSETS AND CERREJON
Opportunity to improve cost position…
… through implementation of Operating Model
(1) Production subject to market conditions
Source: Margin and cost curve as per Wood Mackenzie May 2014 data
•SA Export
–Challenge to reduce unit costs in real terms with 7% mining inflation
–Combination of cost reduction and productivity improvement (30% target)
–Operating Model well underway – Goedehoop improved 13% at the end of implementation, Zibulo next asset
–Low capital intensity projects to sustain a high return business to 2030(1)
•SA Domestic
–New Largo – working closely with Eskom to complete sales agreement and study
•Cerrejon
– P40 footprint completed; ramp-up subject to market conditions and permitting with production at ~35 Mtpa (100%)
Open Cut Productivity Units/ FTE
2013
Australia
79,500
South Africa
25,615
Cost Position
2014 Global Thermal coal cost curve (US$ per tonne)
80
100
60
0
20
160
40
140
120
SA
Cerrejon

83. 83
PORTFOLIO REVIEW
Pare back portfolio to high margin assets…
… with sale process to commence H2 2015
•Asset review complete H1 2015 and sales process to commence H2 2015
•Callide and Dartbrook assets available for sale now
•Reviewing options to reconfigure SA domestic business with stakeholder engagement in Q1 2015
50
20
40
30
10
0
-10
-20
-30
-40
-50
-60
AA
Source: Margin curve as per Wood Mackenzie May 2014 data, including PRC
-40
0
-10
-20
50
40
-30
30
-50
20
10
AA
Cerrejon
2014 Metallurgical coal margin (US$ per tonne)
2014 Thermal coal margin (US$ per tonne)

84. 84
GROWTH
Grosvenor project progressing well ….
…with operational upside potential
•Grosvenor (5 Mtpa, hard coking coal longwall)
–First Earth Pressure Balancing Machine (EPBM) used to drive a drift in underground coal
–Port and rail secured at discount to investment proposal cost
–Development now critical path and ahead of plan using Moranbah expertise
–Upside based on demonstrated longwall performance but will require infrastructure upgrade
–Partnership with Joy to incorporate best practice technology into Grosvenor “Longwall of the Future”
•Drayton South
–Priority is to submit a new mine plan in Q1 2015 and secure approval by Q3 2015
Grosvenor first development coal
Grosvenor Plan
Grasstree H1 2014
LW Cutting Hours ex Move
hr/wk
75
96
LW Cutting Rate ex Move
t/hr
1,770
2,003
Note: Grasstree relates to Capcoal underground
Grosvenor TBM
Drayton

85. KUMBA IRON ORE NORMAN MBAZIMA
•Location: South Africa
•Ownership: 69.7%
•Number of operations: 3 (Sishen, Kolomela, Thabazimbi)
•Export product: 66% lump iron ore, 34% fines iron ore
•Employees and contractors: ~14 000

86. 86
KUMBA IRON ORE SUMMARY
Improved operational performance in 2014 …
…driven off a recovery in volumes.
2012
2017
2016
2015
2014E
2013
US$ million
FY2012
FY2013
H12014
Revenue
5,572
5,643
2,466
EBITDA
3,239
3,266
1,293
EBIT
3,042
3,047
1,182
Underlying earnings
1,107
1,171
434
Capex – SIB(1)
448
539
264
Capex – Growth
270
117
42
Attributable ROCE %
105%
99%
80%
2014 industry cost curve
11
Production (Mt)
2012
2013
2014
2015
2016
2017
32.5
36.5
35
39
40
41
750
1,000
1,500
1,250
500
250
0
200
100
150
50
0
Mtpa
FOB, $/tonne(2)
Sishen
Kolomela
(1) SIB includes development and stripping capex
(2) FOB cost uses CRU methodology which includes FOR costs, logistics costs, royalties, exploration expenses, WIP, and sustaining capital, but excludes marketing costs
Source: CRU 3Q14 cost curve data, Sishen and Kolomela reflect MA figures
FOB cash cost $/t
43
42
48
49
48
47
47-48
48-50
48-50

87. 87
2014 operational performance recovery
•Strategic redesign completed
•Improved exposed ore position
Catch-up of 2014 pre-strip waste backlog
•Additional contracted capacity
•Improved operation of own fleet
Sishen unit cash costs
•Cost pressure from higher waste mining (~270Mt in 2016)
•Partially offset by productivity improvements:
–Efficiency from the ultra class equipment
–Labour productivity
–Production growth
–Implementation of the operating model
SISHEN
Production on track to achieve 37 Mt in 2016…
…through increasing waste mining while improving efficiencies.
31
35
36
37
37
100
150
200
250
300
20
25
30
35
40
45
2013
2014E
2015
2016
2017
Waste (Mt)
Production (Mt)
Waste mining
0
50
100
150
200
250
300
Waste mining (Mt)
Sishen’s mining profile
Sishen’s LoM waste mining profile

88. 88
...resulted in increased waste movement.
Major improvement in efficiencies…
WASTE TONNES MOVED BY SISHEN’S OPERATED FLEET
UCL
LCL
UCL
LCL
UCL
LCL

89. 89
•Implemented at ore and internal waste operations at Sishen North Mine.
•Already delivering three significant benefits:
1.Improving scheduled work from 20% to ~70%
2.23% efficiency improvement in total tonnes handled
3.50% reduction in waiting time on shovels
•Further roll-out planned in 2015 at Sishen pre-strip and Kolomela plant
•Roll-out at all other areas to follow
OPERATING MODEL
Implemented in August 2014 as planned…
…has already resulted in noticeable improvements
Waiting time on shovels reduced by more than 50%

90. 90
•Strong 2014 performance
–Waste mining in 2014 to increase to ~ 50Mt in line with increased mining activities
•LoM production capacity increased to 11 Mtpa
–Through optimisation of the current plant
•Further optimisation to 13 Mtpa
–Study in progress to increase production from the existing three operating pits
•Unit cash costs
–Improve efficiencies to more than offset local cost inflation
KOLOMELA
Continues to perform strongly at LoM production of ~11 Mtpa…
…studies in progress to increase production to 13 Mtpa.
10.8
11.5
11
12
13
0
10
20
30
40
50
0
5
10
15
2013
2014E
2015
2016
2017
Waste (Mt)
Production (Mt)
Kolomela’s mining profile

91. 91
5 key initiatives:
1.Reconfiguring operating plans to focus on lowest cost production units to fill rail capacity
2.Assess Thabazimbi mine as part of the portfolio
3.Reduction in SIB capex of ~20% in 2015 and a further ~10% in 2016
4.Reduce exploration, technical and project study expenditure by ~50%
5.Proposed ~40% reduction in Head Office roles
With the aim to more than offset local cost inflation
RESPONSE TO DECLINING IRON ORE PRICES
Critical changes made…
…to deliver a resilient and profitable business.

92. 92
KUMBA SUMMARY
The priority is…
…a structural change in productivity.
•We have turned the corner at Sishen
•Roll out of the operating model – commenced at Sishen North
•Targeting ~7Mt production increase (2Mt at Kolomela and remainder at Sishen) – at minimal capex
•Taken clear steps to address cost base
•Established a robust continuous improvement programme that builds off of implementation of the operating model

93. MARKETING PETER WHITCUTT

94. 94
ANGLO AMERICAN’S COMMERCIAL TRANSFORMATION
We are transforming our commercial activities…
…to extract the full benefit from the commercial value chain.
1
Commercial co- ordination
2
Strengthen functional focus
3
Ensure integrated value delivery
4
Target Commercial Excellence
•Establish two Commercial hubs
•Consolidate business unit marketing activities
•Move closer to end customers
2011-2013 2013-2014 2014 2015 and beyond
•3rd party to complement physical portfolio

95. 95
% of value
contribution by lever
CAPTURING COMMERCIAL MARGIN IS OUR PRIORITY
We are actively using 4 levers within marketing…
…which goes well beyond simply ‘doing marketing’ better.
Marketing Excellence
Product Optimisation
Trading
Value Chain Optimisation
Lever
Example initiatives
1
2
3
4
•Moving closer to customers
•Improved price realisation
•Blending of products for optimal value in use
•Improvement in product mix ratios
•Freight optimisation
•Integrated Sales and Operations Planning
•Buying 3rd party offtake
•Complements our own physical portfolio
Outlook
60%
15%
15%
10%

96. 96
PLATINUM: NEW MINOR PGM STRATEGY
Significant earnings uplift from direct sales in PGMs…
…to new customers in growth markets & applications.
Targeted sales channels
Improved contractual structure and wider
customer base has transformed platinum’s ability
to capture minor metals market share
Direct sales to customers have significantly
increased profit contribution from minor metals
Significant growth in number of sales contracts
and customer base
Critical success factors have been:
• Better contracts
• More customers
• No intermediaries
2011 2012 2013 2014E
Sales volume: Ir + Ru (ounces)
6
20
5
4
2011
31
2014
Contracted Sales Short-term sales End-user sales
Iridium and ruthenium performance

97. 97
•Pushing the quality for fines product higher to produce higher-grade standard product, and differentiate our product from oversupply of lower-grade fines
•Higher grade standard product by improving Fe content and reducing the silica level
•While we do this at the expense of yield and volume, we still realise a net benefit from the increased realised price for the product
•Simplifies the portfolio and aligns production volumes with constrained logistics system
KUMBA: FINES QUALITY UPGRADE
We are working closely with operations…
…to maximise the value created from every tonne produced.

98. 98
COPPER: GETTING THE RIGHT PRICE
Implementation of a new concentrates sales book…
…will allow us to maximise future commercial value
Key elements
1
2
Create flexibility within sales portfolio
Creation of long-term strategic partnerships
3
Alternative approaches to price discovery
Outcomes
•Create value opportunites by allocating material to a broader base of customers
•Focus on reliable partners, share a similar understanding of long-term mutually beneficial relationships
•Target improvement of side terms, reflecting updated / true value in use for our products
•Different types of contracts structure / tenure in the portfolio will enable a portfolio flexibility to be maintained
•Build a book that creates a starting point for the development of more advanced commercial value opportunities with customers and long- term partners

99. 99
•Continuing to link freight trades
–Iron ore from South Africa to China
–Coal from Indonesia and Australia to India
•Time charter vessels taken on charter to optimise voyages from South Africa to China, 12% improvement relative to standalone routes
•Further opportunities with the addition of Minas-Rio volumes and growth in CFR volumes from coal
•Established Freight Forward Agreement (FFA) and Bunker Swap trading capabilities in Q4 2014
SHIPPING: VESSEL OPTIMISATION
We continue to optimise our shipping portfolio…
…by linking trades and putting in place trading capabilities.
Ballast
Loaded
Illustration only

100. POSITIONING THE FUTURE MARK CUTIFANI

101. 101
CURRENT TO FUTURE STATE
The turnaround and delivery on critical projects…
…is rebuilding our business and moving us towards capability.
Minas-Rio
•Project delivered at $8.4bn
•Focus on 18 to 20 month ramp-up Kumba
•Restructure cost base
•Target 7mt increase by 2016
Copper/nickel
•Los Bronces & Collahuasi operational stability and improvement
•Further upside identified
•Barro Alto reaching potential post-furnace rebuild
De Beers
•Integration complete
•Operating and technical collaboration / performance
•Delivery of Gahcho Kué and Venetia underground project
Coal
•Australia's leading longwalls
•Open cut transformation and productivity improvement
•SA export productivity
Platinum
•Rustenburg and Union exit process under way
•Reconfiguring portfolio
•Market development
Marketing
•Optimising product mix
•Getting the right price
•Understanding value in use

102. 102
PRODUCTION OUTLOOK
Previously we have over-promised and under-delivered…
…this incremental growth reflects stabilisation and confidence.
2013
2014
2015
2016
2017
Copper (1)
775Kt
~745kt
Previously 730-745kt
720-750kt
Previously c.700kt
720-750kt
Previously c.700kt
710-740kt
Nickel(2)
34kt
~37kt
Previously 35-37kt
20-25kt
40-45kt
Previously 35-37kt
42-45kt
Iron ore (Kumba)(3)
42Mt
~47Mt
Previously 45-46kt
47-48Mt
Previously 45-47Mt
48-50Mt
Previously 46-48kt
48-50Mt
Iron ore (Minas-Rio)(4)
-
< 1Mt
11-14Mt
24-26.5Mt
26.5Mt
Metallurgical coal
19Mt
~21Mt
Previously 20-21Mt
20-21Mt
Previously 19-21Mt
21-22Mt
24-25Mt
Thermal coal(5)
28Mt
~29Mt
Previously 28-29Mt
28-30Mt
28-30Mt
Previously 29-31Mt
28-30Mt
Platinum(6)
2.3Moz
~1.8Moz
Previously 1.75-1.8 Moz
2.3-2.4Moz
Previously 2.2-2.4 Moz
2.4-2.5Moz
Previously 2.2-2.4 Moz
2.5-2.6Moz
Diamonds
31Mct
~32Mct
32-34Mct
-
-
(1) Copper Business Unit only, (2) Nickel Business Unit excluding Loma de Níquel in 2012, (3) Excluding Thabazimbi, (4) Minas-Rio 2016 guidance is dependent on the 18 to 24 month ramp-up schedule, (5) Export South Africa and Colombia, (6) Refined production, (7) All numbers excludes impact of potential disposals

103. 103
BEYOND 2016 – SETTING THE SCENE
We are very clear on where we are taking the business…
…and we will explain how we are creating a high return portfolio.
Value
Time
STABILITY
CAPABILITY
Realise Potential
Operations
Markets
People
Brownfield options
Debottleneck
Operating Model
Resource potential
Priority capital options
“FutureSmart” innovation
2013
2016
Build Capability
Establish Stability

104. 104
Peer 1 Peer 2 Peer 3 Peer 4 Anglo American
THE “DIVERSIFIED MINER”
We have a unique portfolio…
Alloys Other
Nickel
Petroleum Fertilisers
Diamonds
Platinum
Zinc
Copper
Coal
Iron ore
Aluminium
…with a clear and differentiated value proposition for shareholders.
Note: H1 2014 normalised for Platinum strike. Excludes earnings from divisions with negative earnings contributions. Excludes Glencore Marketing.
Source: Company earnings reports
H1 2014 EBIT by commodity
(excluding Corporate and Exploration - % of total)

105. 105
DIVERSIFICATION AND VALUE
Diversification comes in three primary forms...
...with a broad range of value opportunities with more balanced risk.
EBIT
(excluding Corporate and Exploration - % of total)
14%
14%
35%
27%
5%
45%
28%
EBIT
(excluding Corporate and Exploration - % of total)
39% 37%
EBIT
(excluding Corporate and Exploration - % of total)
H1 2014 2017 H1 2014 2017
Chile
Australia
South Africa Rest of World
Brazil
Note: H1 2014 normalised for Platinum strike. GSS and E6 excluded from De Beers geographic split
H1 2014 2017
Consumables (late) Food
Infrastructure
Consumables
Other
Energy
Commodity Geographic Cycle stage
Phosphate
Nickel
Other
Platinum
Copper
De Beers
Iron Ore and Mang.
Coal

106. 106
PORTFOLIO RESTRUCTURE
We are working on our asset divestment package…
…challenging conditions but committed to our targets.
LafargeTarmac 2015 sale on track (conditional on Holcim/Lafarge merger)
Platinum
Union in discussions with interested parties
Rustenburg finalising preparations for exit
Bokoni/Pandora in discussions with primary stakeholders
Copper
Mantos Blancos/Mantoverde – Pre-marketing to commence in H1 2015
El Soldado/Chagres – in consultation with key stakeholders
SA Domestic Coal
Reviewing options to reconfigure SA domestic business with stakeholder engagement in Q1 2015
New Largo – working closely with Eskom to complete sales agreement and study
Australia Coal Assets
Callide and Dartbrook for sale
Data packages for remaining asset divestments ready late H1 2015

107. 107
ANGLO AMERICAN - 2017 ORGANISATION
We are changing the character of the business…
…reducing labour intensity and overhead cost structures.
(1) Minas-Rio reflects contractors related to project construction removed post-FOOS, partly offset by a ramp-up in operations
(2) Contractors excludes outsourced and sporadic
37%
Restructured
portfolio
~102
Minas-Rio
12
Other
subject to
portfolio review
10
LafargeTarmac
JV (50% share)
3
Copper
5
Platinum
29
2013 Baseline
162
104
58
Employees
Contractors
Employee and Contractor numbers (000)

108. 108
ANGLO AMERICAN - 2017 PRODUCTIVITY
As we focus on high productivity asset developments and efficiencies...
…we improve our competitive cost structures and margins.
19
20
2013
+83%
34
2016
33
2015
25
2014
20
2012 2017
Productivity
Production - change
Headcount - change
Note: Based on total AA production normalised as copper equivelant tonnes/person (employees and contractors).

109. 109
PORTFOLIO AND RESOURCE OPTIONALITY
We have focused on “Priority 1” opportunities…
…and we are prioritising our opportunity pipeline.
Minas-Rio
Sishen Kolomela
Debswana
Twickenham
Mogalakwena
Amandelbult
Moranbah
Grosvenor
Los Bronces
Collahuasi
Quellaveco
Phosphates
Niobium
53
•Underground operation mechanisation
•Mogalakwena optimisation
•Kolomela and Sishen de-bottlenecking
•Sishen low-grade ore
•Minas-Rio de-bottlenecking (post ramp-up)
•South African export life extensions
•Moranbah/Grosvenor hub expansion
•Barro Alto brownfield potential
•Niobium de-bottlenecking
•Long-term phosphates growth
•Quellaveco
•Collahuasi further expansion
•Los Bronces District
Platinum
Iron Ore
Coal
Copper
NNP
De Beers
•Gahcho Kué
•Life extension options at Debswana and Venetia
Gahcho Kué
Venetia

110. 110
BUSINESS MODEL AND WHERE WE DEPLOY CAPITAL
We understand where on the value chain to focus…
…to drive our target improvement in returns and cash flow.
Self-fund
Technical operating excellence
Value in use through price
Understanding key trends
Capital discipline
Exploration
Development
Mining
Processing
Marketing
End-user
Resource endowment
Project management
Efficient mining methods
Maximising recovery
Pricing & value in use
Understanding the customer
Capital discipline
Iron Ore
PGMs
De Beers
Phosphates
Coal

111. CONCLUSION MARK CUTIFANI

112. 112
2015 DELIVERABLES
A clear set of deliverables…
…as our transformation reaches full momentum.
Minas Rio
• Ramp up to ~80% capacity by year end
Portfolio
• Disposal process underway
Operating model
• Delivery on execution schedule
South Africa thermal coal
•Cost restructuring
Kumba
• Restructure materially progressed
1
2
3
4
5

113. 113
OUR INVESTMENT PROPOSITION
We are a self-help story…building our performance foundations…
…and we are now building capability…beyond our 2016 milestones.
STABILITY
CAPABILITY
 Operating stability…………………………to support ongoing incremental improvement.
 Hardware and technical focus………………..…..getting the best out of what we have.
 Marketing our products……………………………getting the right price for our products.
 Diversified asset portfolio………….provides organic improvement and growth options.
 Resource endowment……………………….………….working towards our real potential.
 Capital discipline.........................................................................because it’s your money.

114. QUESTIONS

115. APPENDIX

116. 116
ROCE AND ATTRIBUTABLE ROCE – DEFINITION
Return on capital employed (ROCE) is a ratio that measures the efficiency and profitability of a company’s capital investments. It indicates how effectively assets are generating profit for the size of invested capital.
ROCE is calculated as underlying EBIT divided by capital employed. Where ROCE relates to a period of less than one year, the return for the period has been annualised.
Adjusted ROCE is underlying EBIT divided by adjusted capital employed. Adjusted capital employed is net assets excluding net debt and financial asset investments, adjusted for remeasurements of a previously held equity interest as a result of business combinations and impairments incurred and reported since 10 December 2013. Earnings and return impacts from such impairments (due to reduced depreciation or amortisation expense) are not taken into account.
Attributable ROCE is the return on average adjusted capital employed attributable to equity shareholders of Anglo American, and therefore excludes the portion of underlying EBIT and capital employed attributable to non-controlling interests in operations where Anglo American has control but does not hold 100% of the equity. Joint ventures, joint operations and associates are included at their proportionate interest and in line with the appropriate accounting treatment.

117. 117
DRIVING VALUE – DELIVERY
On track to $4bn of incremental attributable EBIT by 2016…
…net of expected headwinds.
Projects - $0.9bn
Asset Reviews –$1.0bn
Value Leakage - $1.1bn
Identified potential - $1bn
•Minas-Rio
–~26.5Mt in 2016
•Boa Vista Fresh Rock
–First production 2014
•Barro Alto
–Furnace recovery to deliver on design capacity
•Copper: Los Bronces & Collahuasi throughput and recovery increases
•Coal: AU long-wall productivity and cutting rate increase
•Kumba: Sishen and Kolomela production increases
•Platinum: Mogalakwena production increase
•De Beers: Jwaneng & Orapa plant utilisation rates
•Headwinds include: lower grade, additional waste movement and above CPI cost increases
•Overhead reduction $0.4bn: Platinum 2013 restructure, KIO head office and Business Unit consolidation
•Marketing $0.4bn
•Reduced project & study expenditure $0.3bn: Pebble & Michiquillay exits, Met. Coal and Iron Ore project studies prioritised & Exploration reduced.
•Kolomela to 13mtpa
•Met Coal further productivity improvements through uptime increases
•Copper incremental volume increases through mine and plant uptime
•De Beers throughput increases through mine and plant improvements
•Marketing per sales and cost benefits
•Overhead reduction arising from portfolio reconfigurations – only partially factored in previous programs
•Supply Chain opportunities

118. 118
Copy of Generic Control Chart (3)
Control Limits - Set 3: UCL = 4,595, Mean = 4,303, LCL = 4,010 (06/06/2014 - 07/07/2014) (mR = 2)
UCL = 4588
Mean = 3883
LCL = 3178
UCL = 4707
Mean = 4047
LCL = 3388
UCL = 4595
Mean = 4303
LCL = 4010
Week 1
Week 2
Week 3
Week 4
Week 5
Week 6
Week 7
Week 8
Week 9
Week 10
Week 11
Week 12
Week 13
Week 14
Week 15
Week 16
Week 17
Week 18
Week 19
Week 20
Week 21
Week 22
Week 23
Week 24
Week 25
Week 26
Week 27
Week 28
Week 29
Week 30
2014
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Control Limits defined over at
least 25 data points
Period characterised by Special Causes and high
variability
Period characterised by only Common
Cause variation and associated increase
in average performance
Control Limits recalculated due to
deliberate and sustainable change in
performance
Period characterised by only
Common Cause variation with
further reduction in variability
Special Cause – data point
below Control Limit
Blue data point is Common
Cause variation
Data points excluded –
shutdown was planned
Red points - special cause; 7 consecutive
points either:
a) Above the mean
b) Below the mean
c) Ascending points
d) Descending points
Open squares denote first 6 points,
solid squares points 7 and onwards
Special Cause – data point
above Control Limit
Control Limits
UCL = mean + 3xEst.sigma
LCL = mean – 3xEst.sigma
GENERIC CONTROL CHART - EXPLANATION